IDBI Bank said it has cut down its stake in rating agency CARE to 3.4% from 6.12%. The bank sold 800,773 shares in the open market and at the prevailing price of around Rs 1240 per share the bank would have received close to Rs 100 crore from the sale. Canara Bank, Life Insurance Corporation of India and State Bank of India are among the major shareholders in CARE.
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